Seattle-based startup Advocat, a Seattle-based startup utilizes artificial intelligence to help businesses cut down on time and cost when it comes to their legal contracts.
The program was developed by an ex U.S. diplomat, Advocat’s artificial intelligence-powered legal contract generator utilizes templates that are based on the existing agreements for companies and the guardrails that are set for legal team members. It also includes the ability to track negotiations. The goal is to reduce routine work for legal teams and keep contracts current, and improve the business process.
“Advocat is part of a movement to make the legal system more fair using technology, have a real impact on standardizing the way that contracts are made, and speed up the process to make it more accessible and affordable,” Advocate’s the CEO Pradnya Desh who is a lawyer by training who launched Advocate in the year 2019.
Advocat uses the usage-based pricing model and costs companies on a per contract basis. The company of 10 people is focused on the most popular contracts U.S. companies need, however, it can develop AI models to create new kinds of contracts within one period of a month Desh said.
In the last month Advocat was awarded the Seattle regional competition for this year’s Startup World Cup and was able to advance to the global final at San Francisco taking place this autumn. The competition, which is hosted by Pegasus Tech Ventures and Pegasus Tech Ventures, grants one million dollars to the winner.
Advocat is raising $2.2 million in funding from investors in addition to conferences like the San Diego Angel Conference and Seattle Angel Conference
We spoke to Desh for the most recent Startup Spotlight. Read on for her responses to our questions. Answers were edited to ensure brevity and clarity.
Our competition and what makes us differentWe have competitors on the market who are extremely large and weighty Contract Lifecycle Management (CLM) systems. They’re an opposite to growth driven by products. In order to implement a massive CLM requires months of sales cycles and after that, it will take months to onboard time. In the process of onboarding, these companies need to allocate an employee who is full-time to help with onboarding, so it’s a huge burden from the perspective of the customer things. Our approach is different If someone decides to utilize Advocat it is possible to decide now and start. Therefore, we’re the anti-CLM.
The most intelligent move we’ve made thus far isHiring amazing individuals. The team is what’s in your corner for the long-term.
The biggest challenge when the development of Advocat:Legal has a extremely high requirement for accuracy, and it is crucial to make sure that we get the contract right, secure information and ensure that our system is safe. These are all important aspects we’ve considered when the process of developing it, which is why creating an algorithm that’s as precise as our customers require them to be, while making sure that data doesn’t move from one area of the system to another component of the system was a huge challenge. This is something we ensured we had done prior to ever launching the product and our engineers put much of their time on making sure that they did it correctly.
The biggest error we’ve made thus far is:Engineering takes a lot longer than you think it to take. even if you think it’s going to take more time than you thought, it will take more than you expected.
What economic uncertainty has impacted our growthWe had raised our prices in June, and it was quite uncertain how we’d be successful in closing the deal on time. Given the current macroeconomic conditions and the uncertainty in the economy, we decided to close it as soon as possible. We were concerned that if we did not close the round, it would continue for a long time , and being an early-stage startup, we’re not able to afford an extended time. This has forced us to act faster in closing the funding round.